CBN says N5 for $1 policy will make remittances cheaper for Nigerians abroad

Emefiele says the policy will make remittances cheaper and more convenient for Nigerians in the diaspora

CBN Governor, Godwin Emefiele.

Godwin Emefiele, the governor of the apex bank said this during Fidelity Bank’s inaugural diaspora webinar on Saturday, March 6, 2021.

The CBN had recently announced that all recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) will get paid N5 for every $1 received as remittance inflow.

The scheme will take effect on Monday, March 8, 2021.

According to Emefiele, the apex bank ‘strives to constantly improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients.’

He said, “As we are all aware, remittances from Nigerians living abroad has had significant benefit on domestic income, social welfare and economic growth in Nigeria.

“Nigeria aspires to ensure that remittance flows and diaspora investments become a significant source of external financing.

In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.”

The CBN governor added that the policy is expected to encourage banks and financial institutions to develop products and investment vehicles geared at attracting investments from Nigerians in the diaspora.


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